I didnt notice you wrote you saw the leds cycling, on and off. The connection may be an issue, to the tv.
My first connection, to a vga monitor through a vga adapter to the rca video out recepticle, had terrible resoution, 480 at best. Big blocky fuzzy fonts etc.
My second attempt to my new 46 inch hd tv through the hdmi, was dead, no image o the tv.
I disconneted the tv and reconnect to the hdmi outlet that was connected to the blueray player worked great, with fantastic resolution. It turned out, this is the secound tv that had 1or more hdi out lets that didt work, from the factory.
Check out the adafruit forum.
I downloaded it and wrote the image to my SD card. When I plugged it into the TV I get no output from the RPI. The lights on the board are cycling as they do when I load other images so I think the OS is running. Nothing I can do with it without HDMI display.
Alan – W6ARH
Adafruit has a altered version of wheezy, called occidentalis ( latin for black raspberry).
It gives wifi dongle drivers, etc and scripts to use i2c and other hardware, sensor devices that can connect to her selection of raspberrry pi sheilds and accesories.
Check them out at Adafruit.com.
Pretty neat site.